THE MORNING OEEGOXIAN, TUESDAY, JFXE 6, 1922
21
STEEL MILLS GUI
IL STRIKE
Output 23 Per Cent Greater
Than Before Walkout
PRICES HOLDING FIRM
Consumption Steadily Increasing
and Capacity of Plants Ex
ceeds Utilization.
(Copyright, 1922, by the Public Ledger
Company. Published by Arrangement.)
PITTSBURG, Pa., June 5. (Special.)
The steel trade has acquired such mo
mentum and strength that it will easily be
carried over the dull summer period with
out any weakening in market prices. When
the new market opens for early autumn
deliveries, the course of the market will
be demonstrated by the balance, or lack
of balance, between supply and demand
On the one hand, actual consumption ot
steel is steadily increasing and has been
since the latter part ot last year,, while
on the other hand, there is much more
steel-making capacity than is now be
ing utilized. Capacity is about one-third
greater than the present production.
Increase Is 23 Per Cent.
Production of steel ingots in April and
May amounted to slightly over B.OOO.OOO
gross tons, against 4,U00,000 tons in Feb
ruary and March. In other words, the
steel industry made 23 per cent more
steel in the first two months ot the coal
strike than in the last two months before
the strike began. Production in April
and May was at a rate of fully 37,000.000
tons a year, or only 12 per cent under
the average rate in the first nine months
of 1020, when there was extremely heavy
pressure for steel deliveries on the part
of all consuming lines, with fancy prices
being paid for early deliveries. The rate
of production Is now about 38,000,000
tons a year.
Regular prices for finished steel prod
uct are: Bar shapes and plates, $1.60;
hoops, bands and hot-rolled strips. $2.25;
standard steer pipe, 71 per cent, basing
discount; plain wire, S2.25; tin plate,
14.75; blue annealed sheets, J4.50; black
beets, $3.15; galvanized sheets, $3.15;
automobile sheets, $4.60. On some of
these products premiums rule for early
deliveries. In. particular, most of the in
dependents are quoting Jl.7091.80 on
plates, shapes and bars and are secur
ing some orders within the range of early
deliveries. Several sheet mills are quot
ing $57 a ton above the regular- prices
but little tonnage is going at these ad
vances. ,
Sheet Baying Moderate'.
There has been a moderate amount ef
buying of sheet for deliveries beyond
July 1 at the regular prices. For six
weeks nails have been sold at $2.40 by
the American Steel & Wire company and
$2.50 by the independents. Ot late the
business done has been only for early
deliveries, there being no regular trans
actions for third quarters.
The pig iron market remains stag
nant, there being few transactions and
then only In email tonnages, while there
Is scarcely any inquiry. The market is
regarded as standing at $25 for Besse
mer and basic and $24 for foundry, f. o.
b. valiey furnaces.
It is well recognized that when coke
becomes lesa scarce there will be a re
adjustment in pig Iron prices to a
level commensurate with the cost of
production, perhaps in the neighborhood
of $21 or $22, and consumers are dis
posed to clean up their stocks completely
before attempting to buy. Foundries are
taking deliveries well on their old com.
tracts, but It Is plain that the foundries
as a whole are far from being busy.
This as shown separately by pig iron,
coke and scrap , all three lines being in
active as regards foundries.
New York Bonds.
Furnished by Herrin & Rhodes, Inc., of
Portland:
Railroad bonds h-
Atchgen4s IMS 89
ACL 4s 1S52
do 7s mao loa .
B O gold 4s 19-1S S0M
do con 414a ov 133 81 Vi
do ref ts 19U5 86
Canada Southern Bs 1962 98
Canadian Northern 6s 1946 112
do 7s - ,..,.1940 112
Central Pacific 1st 4s 1949 86!4
Ches & Ohio cv 414s 1930 88
do gen 41is .1992 88
do cv 5s 1948 94
do con 6s 1939- 101H
C, B & Q. Ill dlv 4s 1949 90
C & Wert Ind 4s 19u2
C O & W 4s 1959
C. M & St P 4s 1925
do cv 4Hs...... in;i2
do deb 4s 1934
do gen 4s A 19
do cv 5s 21)14
CMitStP K and r 4V4s-A 2014
C N W gen 4s
do 6'4s
do 7s
C, R I & P ref 4s
Colo Sou ref ex 4 Us. . . .
do 4s ....
Del & Hud cv 5s
do 7s ...
D & It G cv 4s.
do ref 5s
Erie PI. 4s
Krle con 4s A
do B
uo T)
F.rle Pa C i O 4s
111 Steel deb this ..;V.19tO
Ind Steel 5a ...... 1952
Int Agr os 1932
Int Marine C T 6s ......1941
Kelly Springfield 8s.... 1931
Kennecott 7s ....... ....... .1930
Lack Steel 5s 1923
do 1st 5s 1950
Libby. McN L 7s 1931
Lig & Meyers 5s ..1951
do 7s 1944
Lorillard 5s 1951
do 7s 1944
Midvale 5s ....1036
Morris & Co 73 .......1930
Prac Gamble 7s 1923 '
Republic I & St 5s ....1940
Sears Roe 7s ... 1922
do ..192S
Steel Sr Tube 7s..,.. ..1951
Swift & Co 7s . -1925
do ...1931
Unl Drug 8s '. 1941
U S Sub 1st ref 5s 1947
do 7 lis 1930
U S Steel sf 5s 1963
Vs. Chem 5s 1923
Va Qar Chem 714s 1932
Wwrt tr'p ?is . -!'
(West U T col Tr5s.; 1938
west Union ...J.... 1936.
Wilson 1st 6s 1941
Wilson cv 6s 1828
West Elec 7s - -.1925
Westing-house 7s .....1931
Public utilities .
Amn Lt & Tran 6s . 1925
Amn Tell coll .4s .....1929
do 5s v. .'.1946
Amn Tel 6s 1925
Bell Tel of Pa 7s 1945
B R T 5s 1945
Cal Gas unl 5s ..1937
Cities Service 7s B 1966
City Service 7s C 1966
City. Service 7s D., 1966
Con Gas cv 7s ...........1925
Int Met 414s 1956
Int R T ref 5s 1968
Laclede Gas 7s 1930
Mont Power 5s A 1943
Northwest Tel 7s 1941
Pac Tel 5s . 1937
Pac Gas 5s. , 1942
Souwest Tel 7s ........ .-,...1925
Oil bonds . T
Anglo Amn 714s .......... ..1925
Atlantic Ref 614s .... ....1931
Galena S Oil 7s.-. 1930
Gulf Oil 7s 1933
Humble 7s 1923
Pan Amn 7s 1930
Mex Pet cv Ss. ..1936
Sinclair 714s ....1925
S O Cal 7s 1931
Texas Co 7s -loa
Tidewater Oil 814s 1931
vacuum uil is .-...1936
f oreign government bonds
..1987
. ... 1938
....1930
....1934
1935
1929
1935
. . . . 19S0
....1936
....1955
....1998
....1853
. .. .1953
....IB jit
19.H
19.18
1961
....1936
....1930
1940
19113
lWSS
.19S0
...1948
. . . 1990
. . . 1975
...1923
...1928
. ..1934
...1998
. . . 2018
...1935
...1930
...I94S
Gi Trunk eq 614s
Gt Nor 414s
do 7s
Ct Trunk 6s ,
do is
Ill Cent Joint 6s. .
do ref 4s
K c Sou ref 6s. . .
Kcckuk & Pes Moines 1st 5s.. 1923
I, S & M S 4s 1931
L N Ts 1930
do unl 4s 1940
S C 7s
M St P & S S M 614s,..
M K & T 4s
M P gen 4s
do ref 5s
do ref 5s
NYC deb 4s
do con 4s
do ref imp 4148
do cv deb 6s
do coll 7s
N T NT H & H cv 8s...
N O Tex & Mex 5s' 1935
N P P L 4s 1997
do 6s 2047
N P Gt Nor )t 81s 1936
Penna 614s 1936
. do gen 414b lliM
do 41.S 19(10
do 7s 1930
Penna R R 6Hs 1938
Reading gen 4s .1997
8 A I. 4s
do :m
do 6s A
Sou Ry con 5s
bo Pac cv 4s .........
do rfs 4s
do sf term 4s ,
S P ref 4s
do conv 5s
St L & S F P L 4s A.
do pen 5s
do P L 5s B
do gen tis ..........
do sdj 6s
do Inc 6s . . .'
St L. S W 1st 5s
do con 4s
do 1st 4s
Tx Pac 1st 5s
Un Pac 1st 4s ........
do cv 4s
do ref 4s ...........
do 6s
Vn Tank 7s ..
Wabash 1st Ss
do 2d 5s i
West Pac 5s ,
Industrials
Allied Packers 8s . .
Amn Agr Ch 714s...
Amn Sra 1st 5
Amn Tob 7s ...,.-.
Anaconda 6s A
do 7a B
Armour cv is
do 4 Us
Beth Steel 7s
do eq 7s
do ref 5s
Orro de Pasco Ss .
Chile conv 6s A
do conv 7s
Cot Graph 8s
Copper Exp Ss .....
do 8s
do 8s
Colo F & I gen 5s..
Colo Ind 5s
Cuban Amn Sup 8s.
Cuban Cane cv 7s .
ritillers' Soc cv 5s
I Mam Match "lis ..
Iupont "4a
Kmpire Gas Fuel 6s
Flk Ss
Gen Klec deb 5s ...
,do deb 8n
Goodrich 7s
G'todyear 8s .......
I-leim 7s ,.
Uerahey 714s
Argentine 2d 7s
do G I 5s . ....
Belgium 8s ......
Bergen Ss
Christiania-8s
Copenhagen 5 lis .
Danish Consol 8s
French Cities 6s i.
Italy 614s A .....
Rus Ruble 514s .
Swedish Govt 6s
u s Mex 4s
.. .1923
1945
1940
1945
1945
1944
1946
1934
1925
1929
1939
1954
do ext 5s loij;
Uruguay Ext 5s
Zurich 8s , 1945
French Internal 4s 1917
French Victory 5s .....1920
Belgian Restoration 5s
British 214 per cent consols -
Ital Cons War Loan o per cent....
Curb bonds
Allied Packers 6s ...............
Am Tel & Tel 6s 1922
. do 1924
Anaconda Copper 6s . .
do 7s , '
Anglo-Am Oil 73
Armour & Co 7s
Beth Steel 7s 1933
Galena Signal Oil 7s
Gulf Oil Co 7s
Humble Oil 7s ,
Llbby McN & Lib Ts
Sears Roe 7s 3-yr. .......... .1923
So West Tel 7s
Stand Oil N T 61js ..........1933
do 7s .1926
Swift & Co 7a 1925
do 1931
Texas Co 7s Notes
Vacuum Oil 7s. ............ s . ...
90
' 99
8014
9754
103
104
99
9014
99
97
11314
98
11314
91
105 S
101
95
100
10114
10114
101
10214
110
89
10S14
102
99 I
10;
10014
99
109
98
93
307
106
106
91
97 S
115
107
63
' 98
134
95
90
117
12
68
100
96
106
96
91
102
103
104
104
304
101
102
107
104
105
301
302
107
100
85
108
110
111
91
110
86
95
8
102
. 52
62
73
112
76
71
73
- 52
42
S3
100
101
100
103
103
104
102
104
103
101
99
101 102
106
105K
101
102
10134
106
LIBERTY BONOS STEADY
OTHER DOMESTIC ISSUES
ARE AGAIX IKKEGUXiAR.
QUOTATION'S OX DAIRY PRODUCE
Current Market Ruling on Butter,
. Cheese and Eggs,
SAN FRANCISCO, Juno 5. TJ. S.
Bureau ot Markets.) Butter Extra
41c; prime first, nominal; first 3Sc.
'.Eggs Extras 28c; extra pullets,
25c; extra pullets, firsts, .24c; under
sized pullets, Ko. 1, 20c.
Cheese California flat - fancy, 18c;
Young America fancy, 24c.
NEW YORK, June 5. Butter Firm;
creamery, higher than extras, 3737c;
extras, 36c; firsts, 3336c; packing
stock, current make, No. 2, 2425c.
Eggs Irregular; fresh gathered extra
firsts, 2627c; firsts, 2426c,
Cheese Steady.
CHICAGO, June 5. Butter Higher.
Creamery extras, 35c; . firsts, 31c
34c; .secpnds, 26 30 e; , .standards,
36c. '
Eggs Higher. .Receipts, 36,407 cases.
Firsts, 23-23c; ordinary firsts, 21
22c; miscellaneous, 2222c; storage
packed extras, 2525c; storage packed
firsts, 24 c.
SEATTLE, June 5. Eggs Select local
ranch, white shells, "27c; do mixed col
ers, 23c; pullets, 21c
Butter City - creamery, cubes, 39c;
bricks or prints, 40c. - -
...1950
...1919 '
...1945 ,
...1994
...1929
,..1955
,..1950
...1949
...1934
...1950.
...1931
...1950
...1931
...1955
...I960
...19.12
1932
I'.kSII
2O00
1947
1927
28
.,.1928
1930
1939
1 939
1946
1939
1941
1947
V-'3
1!2
1929
1930
1939
1923
1935
1942
1931
1932
,1923
1923
1924
...1925
...1943
...1934
...lft.il
...1930
...1927
...1935
...1931
...1024
...1941
...1912
...1940
...1925
...1941
...1930
...105(1
74
61
80
69
63
75
75
63
85
110
107
80
87
93 K
90
108
78
49
64'1
60
60
54
89
105
91
109 S
103
lis
94 V.
' 86
81
90
92
107 V.
90
98
102
80
63
1(H
97
89
83
86
103
105
82
72
86
105
103
109
91
95
109
109
85
5S
30
58
95
90
87
82
87
103
71
98
87
103
79
68 li
79
74
78
95
91
98
88
103
103
9S
86
87
83
303
93
102
100
103
103
89
J04
ll
93
122
91
107
41
102
1112
103
IK) .
78
106
88
47
107
107
100
106
102
106
99
115
. 104
1031.
Foreign Bonds.
Furnished by the Overbeds. & Cooke
company of Portland:
Bid. Ask.
Belgian rest 5s 71 74
do prem 5s 75 "79
do 7s .3945 109 109
do 8s ....'.1941 107 107
do 6s 1925 102 102
Brazil 8s 1941 105 105
British 5s 1922 90 9314
do 5s 1927 94 D6
do 5s 1D29 93 96
- do vky 4s 79 82
do ref 4s 76 79
Bordeaux 6s ...1934 66 87
Canadian 5s .1937 98 99
do 5s 1926 99 99
do 5s .1929 300 101
do 5s 1931 100 101
do 5s 1927 99 100
Chinese 5s 1951 5314 54
Chilean 8s 3941 104 105
Denmark 8s 1945 110 111
Dan Muni 8s ........ .1945 110 111
French 5s 1920 82 84
do 5s ,..1931 70 71
do 7s 1941 102 102
do 8s 1945 104 105
German W L 6s . 2 8'
Berlin 4s 2 3
Hamburg 4s 3 4
do 4s 3 4
Lei pa; g 4s 3 4
do 5s 3 4
Munich 4s 3 4
do 5s 8 4
Frankfort 4s 4 4
Italian 5s 1918 -41 42
Jap 4s 19.11 77 77
do 1st 4s 1925 90 91
do 2d 43 1923 89 90
Norway Ss 1940 110 111
Russian 5s 1921 IS 21
do 5 1923 4 0
do 6s 1919 19 , 22
Swiss 5s 1929 101 102
do 8s 1940 117 118
San Paulo 83 103 303
U K 5s ..3922 309 109
do 5s 1929 109 109
do 5V,s 1937 102 302
Swedish 6s 1939 102 102
Mining Stocks at Boston.
Furnished by Overb6ck & Cook '
Portland:
Bid.
Arizona Commercial 30
Adventure 68
Ahmeek 64
Arcadian 4
New Corn ............. . 19
Centennial , 11
Copper Range 45
Daly West . ...... 1
East Butte 11
Hancock 3
Keewanuw 2
Kerr Lake 3
Lake Copper 4
La Salle 3
Michigan 2
Mason Valiey 2
Nip:ssing 6
North Lake 30
Old Dominion Copper , 27 -
Oseeoia Mining ......... 36
Obijawa 3
Pond Creek 22
tale Royal 25
South Lake & 47
Supp Boston 1
I'nited Shoe Mch 40
Shattuck 11
Trinity Copper . .... 1
Tuolumne 75
Utah Metals 1
Utah Con 3
U S Mining 44
do pfd 46
Ventura 32
Victoria 1
Wolverine 14
Wyandotte 87
International Jboans Feature of
" Day's . Market Changes in ,
J - - Balls 'Are Slight.
NEW YORK, June S. Foreign or In
ternational loans were the conspicuous
features of today's bond market, the
domestic list displaying much of its
recent Irregularity, apart from liberties,
which were relatively steady.
The new' hlgn record made by sterling
exchange was accompanied by strength
in United Kingdom issues and moderate
improvement among French, Belgian and
Brazilian bonds, but Mexican 4s and 5s
were at losses at one to two points.
Changes in the railway list were re
stricted mostly to fractional gains and
losses, but some of the industrials, no
tably Bethlehem Steel refunding 6s
showed marked heaviness, although off
set by the strength of the company's
purchase money 5s.
Total sales, par value, aggregated $15,
739,000. The new Brazilian government loan
for $25,000,000 and the City of Prague
$7,500,000 mortgage loan constituted the
important new underwritings. Both were
largely oversubscribed on large par
ticipations from investment sources.
Offerings of market leaders fre
quently exceeded the buying power on
the stock exchange today, these con
flicting movements causing considerable
uncertainty or unsettlement throughout
the active session.
Cross cuorents were most pronounced
among the popular oils, steels, rails and
numerous miscellaneous stocks. Early de
clines of one to four points in. such is
sues were balanced by gains of like ex
tent, but the forces of reactions were in
control at the market's close. Sales
amounted to 1,200,000 shares.
Incidents over the week end, notably
the publicity given to the promotion
phases ot the Republic-Midvale-Inland
steel merger and the extravagant specu
lation of pools in comparatively obscure
specialties provoked fresh short selling
and liquidation for the long account. .
These tendencies became more obvious
in the last hour of the trading periods
on news that the federal trade commis
sion had taken steps to prevent the
merger of the Bethlehem and Lacka
wanna steel companies. Rumors then
current in the financial district declared
that action aiming ,at the abrogation of
other projects of similar character
would be taken by the federal au
thorities. United States Steel was the one prom
ising feature among ter.ders, rising to a
new high for years at 10314 in the final
hour, but the so-called independents
closed at losses of one to two points, oils
rallying moderately on . the - strength
shown by Standard Oil of New Jersey.
Lake Erie & Western common again fea
tured the apathetic rails at a four-point
gain and Du Pont was foremost among
specialties, adding 6 points to last
week's gain of almost 25 points.
Constructive features of ihe day em
braced another buoyant rise in sterling
exchange, easier money rates, further
advances in prices of crude oil products
and optimistic trade reports from , in
terior centers.
Call money opened at 4 per cent, re
flecting last week's expansion of clear
ing house loans, but the rate gradually
eased to 3 per cent. Conditions af
fecting time money were unaltered, most
accommodations again being limited to
30 and 00 days at 4 per cent.
The high rate of the day for London
demand exchange for $4.50, but that
quotation was shaded later as buying
diminished. All the allied quotations
were firm and Dutch and Scandinavian
bills recovered part of last week's re
versals, but German marks were almost
two points under their, recent maximum.
CLOSING STOCK QUOTATIONS.
Furnished by Overbeck & Cooke com-
pay onf Portland:
Advance Rm 2,400
Ask.
10
77
, 65
4
20
12
46
1
12
3
"" 2
4
4
S
3
2
6
60
27
37
4
23
25
48
1
40
11
1
v 80
3
44
47
33
2
16
do Did ...
Agr Chem . .
1.4UO
3 0O
AJ ax Rubber 2.3(10
Alaska Gold.
Alaska Jun.
Allied Chem. . 1,600
Allis Chal... 1,200
do ptd . . .
Am Beet Sug
Am Bosch...
Am Can Co'.
do pfd ...
Am Car & F 1,200 100
do nfd
Am Cot Oil.
do pfd' . . .
Am Dr Syn..
Am Hid & L
do pxd . . .
Am Ice
Am Intl Corp 4,700
Am Linseed. 2.600
do ptd . .
Am Loco ...
do pfd . . .
Am Saf Raz 800
Am S & C. 4.900
Am Smelter.. 700
do pfd ... 100
200
1,000
100
100
1,400
4,800
400
100
High.
19
49
41
18
1
70
50
47
46
51
100 15
'300 io"
49
39
i.Voo iii"
88
Low.
18
48
41
17
1
' 69
49 '
96
47
45
50
i67";
'29 .
60
5
1514
Bid.
18
49
41
17
1
' 60
50 .
96 .
46
45
50
104
168
119
29
59
15
71
108
48
37
58
114 114
109
49
39
' 6
22
64
98
115
7
23
64
98
Am Snuff 135
Am Steel Fy 1.200
Am sugar... 8,400
do pfd
Am Sumatra 4,600
38
80
42
78
'40
Am T & T. . 3.600 123 123
Am Tobacco. 800 142 142
2,2VU 14U
do B . ..
Am Wool ... 10,800
do pfd . . .
Am W P ptd
Am zinc
94
138
93
Anaconda .. 200 56 55
Assd OU .... 400 126 124
Atchison ... 800 100 99
do pfd
Atl C Line.. 400 105 105
Atl G & W I. 1,800 40 40
Baldw Loco. 6,700 118 115
do pfd
Baito & Ohio 6,900 50 49
do pfd ... 400 61 61
Barn Cpr ... 2,800 47 46
Beth Steel... 1.800 78 77
do B 3,300 8 7
B R T- 4,200 27 26
Butte C & Z
Butte & Sup. 600 32 32
Burns Bros.. 6.700 139 137
Caddo Oil ... 1,200 13 13
Cal Packing. 600 78 77
Cal Pet 7,600 69 ' 66
do pfd ... 100 97 97
Can Pac 1,600 130 139
Cen Leather. 1,200 41 .40
Cerro da P.. 800 39 39
Chafid Motor 2,400 76 75
Chi&NW.. 3,S0 75 75
ChlGtW... b'JU 9 9
do pfd 400 22 21
Chili Cop... 3.800 23 22
Chino 1.400 33 32
C M & St P. 500 27 27
do pfd 100 42 42
Coco Cola.. 7,800 69 67
C & 0 600 66 66
Colo F & I
Colo Sou 1,800 49 48
Col G & Elec 600 S8 87
Col Graph. .. 18.400 5 5
Con Gas.... 9,700 119. J17
Contl Can... S00 71 69
Cities S Brs.
Corn Prod.. 2,800
104 102
38
.79
105
41
123
141
140
04
107
34
19
55
12.1
99
91
105
40
115
111
49
61
46
77
8
26
7
32
137
13
77
68
07
139
40
89
75
76
9
22
32
27
42
68
.06
33
48
87
. 5
118
69
23
104
do Bfd 115
Cosden Oil.. 32,400 49 . 48 48
44
98
84
85
18
37
27
400 124
900 59
200
8,100
!,S00
200
5,100
200
83
18
25
48
86
'51
18 '
200 16T
900 14
Bid.
Metal Market. .
NEW YORK. June j 5 Copper Firm.
Electrolytic, spot and futures. 13 14c
Tin Firm. Spot and nearby, 32.25c;
futures, 8232.12c.
Iron Steady -No. 1 northern, 2428c;
No. 2 northern, $23 24; No. 2 southern,
$1S19. . -
Leadeteady. Spot, 5.656c
Zinc, quiet. East St. Louis, spot and
nearby delivery, 5.32c.
Antimony, spot, 5.375.50c
Hops at New Yerk.
NEW YORK. Juno 5. Hops, quiet;
states and Pacific eoast 1921, S0825c;
11120. IS jj 20e, , ; ,
C R I & P. . 600
do "A" pfd 700
do "B" pfd 300
Crucible 8,800
do pfd
Cuba. Cane.. 13,600
do pfd 3.900
Cub Am Sgr 21.000
l.el & Hud.
Dome Mines
Del & Lack.
Car Chemical
End! Johnsn
Erie
do 1st pfd
Elc Sir Bat 5.800
Fam Players . 2,400
rea yi sl sm
do pfd....
Flsk Tire...
Gaston Wms
Gen Cigars.
Gen Elec...
Gen Motor,
do 6?
Gen Asphalt 13.900
Goodrich ... 12.900
Granby 1.500
Gt Nor Ore. 5,900
do pfd 800
Grene Cana. 900
Gulf S Steel.
Glen Alden.
Houston Oil.
Hupp Motor
Ills Central.
Inspiration . 3.800
In Ag C com .-
do pfd
Interboro . .. 700
do pfd... 1.200
Int Callahan 8,800
Int Harv... 500 10.1
Int Mer Mar 2.000 25
uo pi a.... 1,411V
int nickel.
Int Paper...
do pfd....
Inv Oil
Island Oil..
Jewel Tea..
K C Sou
do pfd
Kelly-Spgfld.
Kennecott ..
44 44U
98 87
84 84'
74 75
93
17 17
36 16
26 26
400 122 122 122
29
J 3
uoo
L ft N .....
Mackay .... 1 200
Marland Oil. 13.800
Mar ft Parry. 5.9O0
siay scores. . ...
Mex Pet..... 15,900
Miami ...... 200
Mid States O 1.100
Midvale St.. 9,100
a a 4 T Wl
do pfd Wl
Mont Power.
Mont Ward.
Mo Pac
do pfd
MstP&sSM. ;
Nat Kn&mel.
Nat Lead ...
Nevada Con.
New Haven..
Norfolk & W
Nor Pac ....
Nova Soo St
N Y A Bra.
N Y Cen.,..
Ok Prod ref.
Ont Silver...
Onta & W..
Otis Steel...
Pacific Dev..
Po O ft El..
Pun Alle
Pacific Oil
93 9S
43 . 41
. 36 34
lii' 137
15
38
18
15
37
1814
1,000
200
1,100
8800
51W
8, WO
1,900
700
2,900
23 23
23 23
57 87
65
85
18
32
E2
94
18
31
108 , 108
76 76
85-. 34
7,100
2,700
200
300
300
100
600
8,600
Pna-Am Pet. 12,900
4,100
1,700
zoo
1.600
3.600
6,600
4,800
4,600
2,900
4,100
1,200
400
200
100
800
2,900
500
. 1,700
13,900
700
2,000
200
1,700
1,600
2,800
600
400
14,700
do "B"
Penna ......
Peo Gas ....
Pere Marq. ..
fure ou
Phillips Pete
Pierce Arrow
Pierce Arrow,
Pierce Oilf.,
Pitts Coal . .
Pitts ft W V
do pfd.....
Press St Car.
Pullman ....
Ray Cons....
Reading ....
Remington ..
Keplogle St..
Rep 1 ft S..
do pfd
Ren Motors.
Roy Dutch O 13,100
Ry St Spg... 800
Stand O Ky
Sears Roebuck 1.000
Shattuck, Az 400
Shell T ft T 1,500
Sinclair . 38,600
Stand O Ind
Sloss Shef .
Sou Pacific.
Sou Rwy
Stand O Cal
St L ft S F-
Strom Carb .
Studebaker
Swift ft Co.
Tenn C ft Ch SOO
Texas Oil . . 10,700
Texas Pac . 200
Tex. P O ft O 7,200
Tob Prod ... 9,600
Tr Con Oil. 12,600
Un Oil Del. 9,200
Union Pac. 300
United Alloy
United Drug
Un Food Pro
United Fruit
U S O I P.
Un R Store 15,600
U S In Al.. 1.700
U S Rubber. 5,100
do 1st Dfd 300
U S Smelt.. 200
U S Steel .. 39,800
do pfd. . . -- 1
Utah Copper 3,:"sJ
va unem .
do Dfd . . .
Vanad Steel.
V Ivaudou . .
Wabash . . .
do A pfd.
do B pfd.
West Pac . .
do pfd . . .
West Union.
Westing A B
West K & M
West Md . .
White Motor
Willys-O'land
do ptd . . .
Wilson Pcke
Wis Central.
Woolworth .
Worth Pump
w & t, Jfi
White Oil .
300
200
2,900
300
400
' 800
1,100
200
' 900
700
' '266
. 300
200
300
COO
300
400
800
SOO
200
. 100
200
SOO
2.700
800
4 '
8
26
14
914
72
49
66
72
65
42
84
33
34
55
20 .
20
10
: 66
36
88
70
122
18
76
34
35
75 .:
94
13
66
104
105 .
78
11
45
38
118
49
90
24
117
. 29
55
125
v'i2
; 50 ,
33
32
80
19
25 1
138
39
77
8
141
33
B
1 58
66
105
44
10,1
110
68
32
70
50
12
12
31
"H"
, 61
98 .
93
62
'50
9
45
46
30
159"
54
15
10
' 3
8
26
13
8
72
48
65
70
64
41"
84
33
33
63
19
19
10
65
36
. 88
79
122
18
75
34
33
72
93
12
65
104
101
78
11
44
37
115
48
89
24
138
28
54
123
i2
49
32
31 .
SO
18
24
138
39
"'It
140
33
63
67
65
105"
44
101
119
67
::2
- 70
48
12
12
31
'26
61
977i
93
02
'56'
8
44
45
30
159
53
14
10
11T
93
42
35
118
138
30
14
37
-I8U
40 1
71
23
23
57
59
. 54
: 94-
31
. 107
7
84
78
90 t
3. '
" 8
26
13
8
72
. 48
65
71
i'.i 11
41
33
34
64
18
1914
10
. 68
36
- 88
78
121
18
75
34
34
74
93
13
65
104
108
78
11
44
38
11814
48
89
24
118
28
54
124
103
' 12
49
32
31
80
18
24
138
38
- 78
7 7
140
33
''. 65
. 57
05
105
44
103
lla
67
32
70
49
12
, 12
31
- 2
20
ot
97
93
. 62
' 50
8
45
46
30
159
54
14
10
Money, Silver, Etc. X-
NEW YORK. June 5. Call money.
easier; high, 4; low, 3; ruling rate.
4; closing bid, 3; offered at 3; last
loan, 3 ; call loans against acceptances,
4.
Time loans, firm; 60 days, 90 days,
4; six months, 4.
Prime mercantile paper, 44. .
Foreign bar silver, 71. .
Mexican dollars, 54. J
Liberty Bond. Quotations.
Liberty bond and victory note
Hons furnished by the Overbeck &
company, Portland:
Open. High.
Liberty Sa ., 99.96 100.04
do 1st 4s ... .....
do 2d 4s
do 1st 4s.. 99.92 100.00
do 2d 4s. , 49.92 99.96
do 3d 4s.. 99.92 300.00
do 4th 4s. 99.90 100.00
Victory 4s.,
do 3 3
Low.
99.98
90.92
99.92
89.92
99.9:
100.58 100.66 100.58
quota-
Cooke
Bid.
100.00
99.80
99.82
lUO.OO
U.4
99.98
99.98
100.62
99.98
Swift Co. Stocks.
Closing prices of Swift & Co. stocks at
Chicago were reported by the Overbeck
& Cooke company of Portland as follows:
Swift Co j 103
National Leather 2
do new S
Swift International 19
Libby, McNeil Llbby 2
Foreign -exchange.
Foreign exchange rates at the close of
business yesterday, furnished by the
Northwestern National bank of-Portland.
The amount quoted is the equivalent of
the foreign unit in. United States funds:
Country and Unit. Rate
Austria, kronen $ .00025
Belgium, francs - .08450
Bulgaria, leva .00800
Lecno-falovakia, kronen 01980
Denmark, kroner . ... .. .21950
England, pound sterling... 4.51750
r :nianu, IinmarK. .-. .02200
trance, francs .01190
Germany, marks .00380
jieece, araenmas ............... .04300
l'olland, guilders .39000
Hungary, kronen , 00180
iiaiy, lire 05270
Jugo-falavia, kronen 00400
rsorway, kroner .17860
Portugal, escudos ............... . .08550
Roumania, lei .00750
Serbia, dinara . .01560
Spain, pesetas .inaoft
Sweden, kroner . -.2000
Switzerland, francs 19200
China Hongkong, local currency !58500
. Shanghai, taels .- 83000
Japan, yen 48250
NEW YORK. June 5. Fnreiim ...
change, firm Great Britain, demand
$4.58, cables $4.50: 60-dav bills on
banks $4.48: France, demand 9.13.
Cibles 9.13; Italy, demand 5.22, cables
5.22 Releiiim ilimanA filqu
S.43; Germany, demand .36,' cables
.-6; Holland, demand 38.95, ' cables
39 00; Norway, demand' -17.85. Rv,rl.n
demand 26.00; Denmark, demand 21.90;
Switzerland, demand 19.14: Spain, de
mand 15.85: Greece, demand 4.20; Poland.
demand .02; Czecho-Slovakia. demand
1.1.3; Argentine, demand 36.75: Brazil.
demand 14.12; Montreal. 99.
Standard Oil Stocks.
Standard Oil quotations furnished by
Anglo ...
200
3.800
100
,9O0
800
82
66
44
33
42
77
34
84
53
84
20
200 107
44
1
44
11
83
800 - 18
200 . 62
58
83
16
' 24
45
85
"51
17
'76
167
14
82
84
42
32
41
76
34
83
63
82
29
122
59
S3
16
24
45
86
in
51
17
70
167
14
82
65
43
32
41
76
84
83
53
83
20
900
900
300
2,700
900
4,600
900
Keysto e Tire 8.900
Lack Bteei. ..
Lee Tire
Lehigh Vl
Lorillard . ...
Lowe Theu
500
2.000
900
18
1
21
27
67 T4
52
38
77
33
65
106 105
43 44
..... " It
41
1
4
10
105
24
84
17
51
85
18
1
20
00 157
1
4
10
105
24
84
17
51
21
26
67
51
38
20
73
33
63
157
700 1654.18
' 6T
- M
38
21
75
33
64
138
'Additional Issue ;.-,;,.: . .,
$5,000,000
Crane Co.
7 Cumulative Preferred Stock
PAR VALUE $100 PER SHARE
. Dwidends payable quarterly on March, June, September . and ' December J 5
Redeemable in lhole or in part on any dividend day on 60 days notice al $110 per share and accrued dividends.
- . .
Tax free in Illinois. Free of Federal normal income tax. .
Present outstanding preferred stock listed on Chicago Stock Exchange and application has been made to list this
, "aciditional issue.
N CAPITALIZATION .
(of December 31, 1921, and giving effect to present financing.) , t ' .
' ' - Authorized Outstanding
Preferred stock 7 cumulative...... ....$15,000,000 $13,228,700
Common stock (par value $25)............,.... . $0,000,000 41,199,625
Surplus ......... 8,64 1 ,2 11
BUSINESS: Largest manufacturer in the world of valves, fittings and appliances
for conveying and controlling steam, water, air, gas and oil.
EARNINGS: For 10 years to December 31, 1921, average earnings, $6,027,000, were
more than 6 times total preferred dividend requirements including this issue. .
Even in 1921, jearned twice these requirements. ? .
ASSETS: Net assets, $63,069,536. Net current assets alone, $24,442,652.
We recommend this preferred stock for investment.
. PRICE 106 TO YIELD ABOUT 6.60
Slock offered for subscription subject to allotment. Subscription boolfs will be opened Tuesday, June 6, 1922, at the
- oice of the undersigned in Chicago, and may be closed without notice. The right
... - is reserved to reject any and all subscriptions.
Lee, Higginson & Co. The Merchants Loan & Trust Co.
The statements contained herein, while not gniaTanteedi ore based trpon information and advice which we believe to
be accurate and Tellable. .
Northern Pipe
Ohio Oil
Inter"! Peto
Penn Mex
Prairie Oil
Prairie Pipe
Solar Refjr . . i
Southern Pipe . . . .
South Penn Oil ....
3 W Penn Oil
S O Ind
3 O Kansas . .-
8 O Kentucky
son y.
S O Ohio
S O Ohio pfd
Swan A Finch
Vacuum .............
Washington ... 1
S O Nebraska
Imperial Oil
-10T
.310
. :
.6.10
.2110
.360
. or
. 48
. !
.11SH
.580
.10
.440
.4fl0 '
.1311 i,
. .80 ,
.448
. 20
.385 ..
.121
109
.114
M
42
640
2B3
370
SO
65
318
R70
105
444
475
118
3:1 .
450
30
li),-,
123
Coffe Futures HUther.
NEW YORK, June 3. The market for
eoffee futures eioeed 2 or 3 points off
Crom the beat under realizing but showed
net advances of 7 to 12 points. Sales
were estimated at about 24,000 bag's.
July. 103d; September. 10.01; October,
Tennessee
ElectricPower
Company
First and Refunding 6s
Due June 1. 1947
Well secured bonda of one of
tbe moat exteaKive and impor
tant ayfitemK of properties in
the United State eng-aRed In
ihe generation, tran mission
-and diMtributiom of electric en
ergy largely from waterpower.
Price to yield about
" 6.30
The National City
Company
Oftices in more than 60 cities.
Yeoa Bldga Portland '
Telephone Main 6072
D.2; December, 9.72; January, 9.86;
March, 9.53; May, 9.49.
Spot coffee firmer. Rio 7a 11 to 114;
Santos, 4s 14414.
' Chicago Potato Market.
CHICAGO, .June 5. Potatoes strong;:
receipts. 77 cars; Wisconsin sacked,
round whites, $1.(151.75 cwt.; Idaho
sacked russets. $2.252.35 cwt.;-. new
stock strong; Alabama sacked Bliss
Triumphs No. 1. 3.2.i8 3.50 cwt.; Louis-
Longevity
A recent issue of The Manu
facturer eays: "The fatigue of a
raw concrete surface, the wear
and tea on tires, the final crystal
lisation of structure of both steel
and concrete are facts of such
common everyday observation
that ordinary intelligence ought
to demand the non-jarrlng sur
face in highway construction."
Warrenite-Bitulithic is a type of
pavement that has demonstrated
the longevity of shock-absorbing
pavements in almost every sec
tion of the United States.
lana sacked Bliss Triumphs, 38S.2!t
cwt. Louisiana sacked long whites. $2.5a
2.75 cwt.; Texas sacked cobblers No. 1 a. $3. 50? 3.75.
1, $3.75 cwt.; South Carolina slat bar- "
rels Irish cobblers Ko. 1. $6.256.50; No..'
For Sale
Small amount of 8
Industrial Bonds and
Stock in the same
plant at a discount for
cash.
AO 719, Oregonian
HOTEL HOYT
Newly furnished and remodeled.
Strictly Fireproof. Near both depots
. and convenient car service to
. all parts of city.
Moderate Rates.
O. H. EDWARDS, Manager.
Cheesebrouja .
do pfd
Continental ..
Crescent
Cumberland .
Eureka
Galena com . .
do Old pfd
An New nfrl
Illinois Pipe .
Indiana fipe
Vat'l Transit
N T Tr nsit .
Bid. Asked.
23I4 23
35 405
96 98
.......195 205
110 312
144 147
35 3T
135 143
9B 98
38 60
107 310
100 104
177 ISO
.. 96 8
27 .10
175 ' ISO
7W
Income on
Brazil Gov't.
5s of 1895
UNION SAFE DEPOSIT
& TRUST CO.
3S4 Oak Street
Safe Deposit Boxes
HERRIN & RHODES, Inc.
Established 1898.
STOCKS, BONDS,
COTTON, GRAIN
Correspondents E. F. HCTTON & CO..
NETV YORK.
Members a!l leading exchanges.
Babson'B Service on File.
Bdwy. 4725. 201 Railway Exchange Bids.
Phone your want ads to The Or
Koaian, Main 7070. Automatic 560-86.
JiJXlJLLXXJLLLlJL.LLLJL.l.U.1 .!.I.LX!.JL.!.I.!. IAU.JL3
We Own and Offer
Central Coal and
Coke Company
First Mortgage 6'0 Sinking Fund Gold Bonds
Dated June 1, 1822 - - Dne 1923-1942
' 'I Denominations 1000, 500, 100
Interest payable without deduct Ion for normal federal In
come tax not In excess of 2 -. -
The company is engaeTd in the business of mining and
selling coal and manufacturing and selling: lumber. Its
operations, together with its subsidiary and controlled cor
porationav extend into Missouri, Kansas, Arkansas, Okla
homa, "Wyoming, Louisiana, Texas and Oregon. The value
3t the mortgaged and pledged property securing these bonds
is conservatively appraised and estimated at over $26,000,000.
The average net operating earnings for the past twenty
(rears are equal to six times the average Interest require
ments on these bonds. ,-;
PRICE: Par for 1923-1927 maturities
PRICE: ' 99 for 1928-1942 maturities
BOND DEPARTMENT OPEN 8:30 TO 5:00
Saturdays 8:30 to 2:00 r
H
B BANK
Oldest in the Northwest
' WASHINGTON
i at THIRD
Loan Oversubscribed"
We offer at original subscription price our confirmed
allotment of the 30-year sinking fund 7 gold bonds
of the , . .
.S. of Brazil
Non-callable for IS Years
Entire Issue Payable at 102
Sinking fund of $416,667 semi-annually to purchase
bonds in market up to par first 1 5 years and thereafter
by purchase or "call by lot" at 1 02.
This sinking fund provision assure a firm market for
these bonds, and every bond will be payable at 102.
Price 96Vz to yield 7.36 to 7.52
The subscription books for these
bonds were closed at once and we
reserve the privilegexof withdraw
ing this offer and advancing price
to correspond with the market.
" Phone or voire orders "collect.",
Freeman, Smith
& Camp Co.
Liissusni Blm. PeaTLANB
a.
FIFTH fifllV. f-HONI
1MB 'JSyWi1I?ySa' B'WAT
STARK SCTSSAjpp 740
GOVERNMENT OF
BRAZIL
7'Gold Bonds .
Dated June 1, 1922 Due June 1, 1932
Non-callable for Fifteen Years
Principal and Interest Payable in United States
Gold Coin
These bonds are a direct obligation of the
federal government and are specifically secured
by first charge on gross revenues of the Central
Railway of Brazil.
The issue as a whole will be payable at or
before maturity at 102. (
Price 96.50 and Interest,
Yielding About
7.30
Bond & Goodwin &Tucker
ban ntAvcisro
IMroRPOSATI.
UNITED STATES NATIONAL BANK lUllDINC
.. PORTLAND
tOJ.AMCttls
JIATTH